http://www.telegraph.co.uk/news/worldnews/asia/china/3525052/China-slashes-interest-rates-as-panic-spreads.html
Signs of cracks in China.
http://siteresources.worldbank.org/INTCHINA/Resources/Quarterly_December_2008.pdf
In summary china is in or near recession. Long term this is bad for treasuries as china will turn it 'dollars' inward instead of buying treasuries.
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